Georgian National Bank increases refinancing rate to 10%
The next meeting of the Monetary Policy Committee will be held on September 15, 2021. Photo: Nino Alavidze/Agenda.ge.
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The National Bank of Georgia (NBG) has increased the refinancing rate by 0.5 percentage points to 10 per cent earlier today at the Monetary Policy Committee (MPC).
Georgia’s annual inflation came out unexpectedly high in comparison with last year and amounted to 11.9 per cent in July, the NBG stated.
The NBG reported that various factors contributed to high inflation, such as:
- sharply increased prices of food and oil in international markets
- significantly increased international shipping costs, which affects the prices of imported goods
The short-term inflation forecast has increased considerably compared to the previous forecasts, and it is expected that inflation in 2021 on average will be higher than 9 per cent,” the statement of NBG reads.
NGO Society and Banks stated that 140,100 loans tied to floating interest rates remain active as of July 1, 2021, which means that the prices of these loans may grow as well because of the increased refinancing rate.
The next meeting of the Monetary Policy Committee will be held on September 15, 2021.
The National Bank of Georgia (NBG) has decided to increase the refinancing rate by 0.5 percentage points to 8.5%. The decision was made at a meeting of the Monetary Policy Committee today. Last month annual inflation stood at 3.6%; the NBG says that the reduction of inflation since last December is related to the subsidisation of utility fees.
The Georgian central bank is leaving the refinancing rate unchanged at 9.5% following a meeting of the monetary policy committee, whose decisions on changes to the monetary policy rate rely on current and expected developments in the economy and financial markets.
The National Bank of Georgia has decided to keep the refinancing rate unchanged at eight per cent.
The National Bank of Georgia (NBG) has begun relaxing monetary policy and cut the refinancing rate by 0.50 percentage points to 8.5 per cent, announces the NBG. The NBG explains that amid the Covid-19 pandemic and the sharp decline in international oil prices, economic uncertainty in the world remains high.
The Georgian central bank is leaving the refinancing rate unchanged at 10% following a meeting of the monetary policy committee, whose decisions on changes to the monetary policy rate rely on current and expected developments in the economy and financial markets.
The National Bank of Georgia (NBG) has increased the refinancing rate by 0.5 percentage points to 10.5% earlier today at the Monetary Policy Committee (MPC). The NBG states that increased inflation has been one of the main challenges for Georgia in recent years.